- ADP Employment Change came in higher than expected in June.
- US Dollar Index continues to move sideways above 92.00.
Employment in the US’ private sector increased by 692,000 in June, the monthly data published by the Automatic Data Processing (ADP) Research Institute revealed on Wednesday. This reading followed May’s print of 886,000 (revised from 978,000) and surpassed the market expectation of 600,000.
Commenting on the data, “the labor market recovery remains robust, with June closing out a strong second quarter of jobs growth,” said Nela Richardson, chief economist, ADP. “While payrolls are still nearly 7 million short of pre-COVID19 levels, job gains have totalled about 3 million since the beginning of 2021.”
This report doesn’t seem to be having a significant impact on the greenback’s performance against its major rivals. As of writing, the US Dollar Index was virtually unchanged on the day at 92.08.
